interquartile change in the distribution of CEO pay translates in a reduction of the failure risk probability by approximately 21 … failure risk. The effectiveness of CEO pay is strengthened among well-governed firms, whereas tournament incentives are … essential when there is high CEO succession risk. Both measures of executive pay are associated with better financial reporting …

, which is consistent with the view that there is a trade-off between pay and dismissal risk. To mitigate endogeneity concerns …, I use divorce as an exogenous negative shock to CEO equity ownership, and find that following a divorce, turnover risk …

in options' in-the-money values, risks that managers cannot easily hedge or diversify. This might motivate risk … firm risks to their personal risk appetites. I argue that the former may be beneficial to shareholders even though managers …Managers often have foreknowledge of events that can increase future firm risks. In this study, I examine whether …

masculine-faced CEOs' compensation is more sensitive to the risk of the firm. The result is robust when we use AI (artificial …